Alkemy Capital, which is owned by Tees Valley Lithium signs agreement with Britishvolt buyers Recharge Industries

Teesside’s future lithium hydroxide plant could be a source of supply for Britishvolt, which is looking to save its £3.8bn North East gigafactory.

Alkemy Capital Investments, which is owned by Tees Valley Lithium, updated investors to say that it will continue good-faith negotiations and work towards a supply and offtake agreement.

Tees Valley Lithium is expected to supply lithium hydroxide to a Northumberland facility and another gigafactory that Recharge is planning to launch in Geelong, Australia. The two companies have also agreed to collaborate on sourcing lithium spodumene, a raw material, at Tees Valley Lithium’s refinery in Port Hedland, Australia. It will then be converted into lithium sulphate before being shipped to Teesside for conversion to lithium hydroxide.

This announcement comes just hours after Recharge was named as the preferred bidder to Britishvolt. Britishvolt ran out of money and went into administration. The deal is expected to revive plans for a gigafactory that makes batteries for electric cars in Northumberland, with 3,000 jobs.

David Collard, the founder of Recharge, stated that the MOU links two companies with similar values to create the crucial mineral supply chain required to build significant battery manufacturing capabilities in Australia, the US, and the UK. It also demonstrates our determination to revive Britishvolt’s fortunes. We are looking forward to integrating lithium hydroxide (TVL) into our high-performing supply chain.

Alkemy and TVL director Sam Quinn said: “We are thrilled to announce our partnership with Recharge Industries. A company that shares our philosophy of powering the transformation to a low-carbon and low-emissions world through the development of onshore UK facilities for the EV/battery cell supply chain.

Tees Valley Lithium secured planning permission to build its 1,000-job factory at Wilton International. It hopes to start operations in 2025.

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